“The Invisible Hand” in Pakistan

When Adam Smith talked about ‘The Invisible Hand’, he certainly talked about it in economic terms. The invisible hand is that unobservable market force that creates an equilibrium between demand and supply of goods and services in a free market.The same invisible hand acts a bit differently in Pakistan because the hand has been taken over by the extremist clerics and is not so invisible anymore after the recent Economic Advisory Council fiasco. After the resignation of Dr. Atif Mian, two other Pakistani economist based in foreign countries have submitted their resignations to EAC. I think these people are not loyal to the country. What do they think? Are there any less intelligent economists in Pakistan? I studied bits and pieces of economics and I can provide a better economic policy than these expatriates ever will. I am with the Government of Pakistan no matter if these economists stay or not.

So what is the solution to fix the economy of the country?

I suggest a more spiritual approach aimed at exploiting the power of death. Karachi, the economic hub of Pakistan, has the answer. Evidence suggests that if we boost the economic activity in the economic hubs of a country then the effects trickle down to the less unfortunate parts of the economy.

Karachi has a shrine of Abdullah Shah Ghazi. It is believed that the shrine has been protecting the city from huge storms and natural disasters for decades. If it hadn’t been for the shrine then the economy of Pakistan would have suffered a lot more than it has already suffered. According to the express tribune article “Don’t make us wait any longer for the langar“, there are at least 12 caterers around the shrine who serve biryani and other food for around Rs500 ($4.05) to Rs1800 ($14.5) per deg (a big cooking pot for 15 to 20 kg portion).

If we can somehow invest in the shrine and make it bigger by burying more ideas in the shrine like the idea of freedom, the idea of protection of minorities, the idea of equal opportunities for everyone irrespective of their religion, the idea of tolerance, the idea of a progressive Pakistan, the idea of Jinnah’s secular state and hundreds of other enlightened ideas which we have been torturing for so many decades then we can have a larger shrine which can accommodate more visitors. According to basic principle of demand and supply, these people will increase the sales of biryani. Those 12 caterers won’t be able to satisfy the demand, hence more caterers will enter the market to supply their services. The business will thrive, competition will improve the quality of biryani. The demand for good quality rice will increase and rural Punjab will progress as a result of increased sales of rice. Punjab will need water to facilitate the production of rice. The water will come from KPK and the KPK Government will invest in Dams and sell water to Punjab. KPK will get its revenue from storing water and producing electricity for other provinces. Baluchistan will obviously create militants because other provinces will keep getting resources. The security situation will force army to move in which will create more jobs for army in Baluchistan. Civilians will keep disappearing and Baluchistan will stay busy with the conflict and the rest of the country will progress as a strong state.

International tourists will pour in the country to visit the the state of the art shrine buried with big ideas which they see alive in their countries. It will be quite a sight for them to see those ideas dead and buried underground. The Karachi airport will boost and all international airlines will open their head quarters in the city. Foreign exchange will come along foreign tourists which will increase the foreign reserves which are depleting fast in the country.

We face huge challenges but opportunities are big too. I will write more about other projects which can boost economy in couple of months. Do not rely on long term fiscal and monetary policies of these old school economists. We need to work now! Pakistan Pa-ind-u-Abad

The Author of this article sells qulfee nearby Abdullah Shah Ghazi’s shrine and is looking forward to start a biryani business.